AMLP vs TMLP

AMLPCAlerian MLP ETF

TMLPCTortoise MLP ETF

In short

AMLP The original MLP ETF: launched in 2010, a portfolio built on midstream energy partnerships rather than a watered-down version, with the fund absorbing the K-1 paperwork and the fund-level taxes that come with it.

TMLP MLP exposure without the K-1 envelope. TMLP takes its index exposure through total return swaps inside a RIC structure, so shareholders get a single Form 1099 and skip the fund-level deferred tax accrual that C-corp MLP funds carry.

Stated mandate

AMLP The fund seeks to track, before fees and expenses, the price and yield performance of the Alerian MLP Infrastructure Index, which provides exposure to energy-infrastructure MLPs primarily engaged in midstream activities.

TMLP The Fund seeks to track, before fees and expenses, the total-return performance of the Tortoise MLP Index SM.

Why people hold it

• AMLP The original. Launched in 2010 as the first ETF to open up master limited partnerships, and it still tracks the Alerian MLP Infrastructure Index it debuted with.prnewswire.comalpsfunds.com
• No K-1 pile in your mailbox. The fund receives and processes the partnership K-1s itself and sends shareholders a single Form 1099.alpsfunds.com
• Undiluted exposure. Most MLP funds cap partnerships near 25% to keep pass-through tax status (MLPX takes that route); AMLP's index stays with midstream MLPs.sec.govalpsfunds.com
• A multi-billion-dollar fund that trades actively and distributes quarterly, so getting in and out is usually the easy part.

• TMLP Full MLP index exposure via total return swaps in a RIC wrapper: one Form 1099, no K-1s, and none of the fund-level deferred tax liability legacy C-corp MLP funds accrue.tortoisecapital.com
• Tracks the Tortoise MLP Index, a rules-based benchmark with a 10-plus year history covering 20-some partnerships across energy transport, processing and storage.tortoisecapital.com
• Home-field advantage: Tortoise launched the first MLP closed-end fund in 2004 and built this index itself rather than licensing someone else's.tortoisecapital.com
• Pays quarterly, with distributions designed to line up with the cash-generating profile of the index's underlying MLPs.tortoisecapital.com

Worth knowing

• AMLP Pricey for the aisle: a 1.01% expense ratio sits above the energy-sector median, and cheaper midstream wrappers exist (MLPX at 0.45%).
• Taxed as a C-corp, not a pass-through. It accrues deferred taxes on appreciation and return-of-capital distributions inside NAV, and revises those estimates as MLP tax data arrives.alpsfunds.comsec.gov
• Narrow by design: a capped, float-adjusted basket of energy-infrastructure partnerships earning most cash flow from midstream work, so it moves with one corner of energy.alpsfunds.com

• TMLP 0.50% a year sits a bit above the typical index-tracking ETF. That's the toll for the swap-based, K-1-free plumbing.
• Swaps carry counterparty risk. The fund may deal with one or a limited number of counterparties, and a counterparty default would reduce the value of your shares.tortoisecapital.com
• A December 2025 launch: still small and thinly traded, and non-diversified, so spreads can be wider and a short list of names drives the ride.tortoisecapital.com

Full AMLP profile⁠

Full TMLP profile⁠